Fisker Back, Chinese Owner Promises Success

Fisker Back, Chinese Owner Promises Success

Lu Guanqiu may not be a household name right now but he could become the next Elon Musk. The Chinese billionaire bought failed automaker Fisker at a bankruptcy auction and promises to challenge Tesla with his latest acquisition.

Chairman and founder of the Wanxiang Group Corp., the largest parts maker in the country, Lu hopes to build electric cars in both the United States and China.

To make this a reality he said he’d put every cent his company earns toward making EVs. Upping the ante he also mentioned that he’d burn as much cash as possible to succeed. Lu’s fortune is pegged at about $3.1 billion, a far cry from Musk’s cash hoard, which is estimated at more than $9 billion.

Lu  hopes to build upon the troubled remains of Fisker, which went under in late 2013. His purchase of the electric-vehicle maker gives him access to some three dozen patents. Of course a former GM plant in Wilmington, Delaware is part of the acquisition as well.

SEE ALSO: Fisker Files for Chapter 11 Bankruptcy Protection

This production facility could give him a spring board into the U.S. market, though his ultimate goal is to manufacture electric cars in China. Unfortunately a timeline or other details about the company’s production plans were not shared at this time.

Lu plans to continue building the Fisker Karma extended-range electric car, which was praised for its striking design but panned for its technical faults; hopefully his team can correct some of these issues. He also plans to build other hybrid models though, again, he shared no specifics.

GALLERY: 2012 Fisker Karma

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[Source: Automotive News]

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